Exercise 8-1 (Algo) Cost of plant assets LO C1 Rizio Company purchases a machine for $12,000, terms 2/10, n/60, FOB shipping point. Rizio paid within the discount period and took the $240 discount. Transportation costs of $271 were paid by Rizio. The machine required mounting and power connections costing $830. Another $391 is paid to assemble the machine, and $40 of materials are used to get it into operation. During installation, the machine was damaged and $330 worth of repairs were made. Complete the below table to calculate the cost recorded for this machine. Amount Included in Cost of Equipment: Invoice price of machine Net purchase price Total cost to be recorded

Exercise 8-1 (Algo) Cost of plant assets LO C1 Rizio Company purchases a machine for $12,000, terms 2/10, n/60, FOB shipping point. Rizio paid within the discount period and took the $240 discount. Transportation costs of $271 were paid by Rizio. The machine required mounting and power connections costing $830. Another $391 is paid to assemble the machine, and $40 of materials are used to get it into operation. During installation, the machine was damaged and $330 worth of repairs were made Complete the below table to calculate the cost recorded for this machine Amount Included in Cost of Equipment Invoice price of machine Net purchase price 0 Total cost to be recorded